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Introduced Version House Bill 2321 History

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hb2321 intr
H. B. 2321


(By Delegates Craig and Morgan)
[Introduced February 14, 2005; referred to the
Committee on Pensions and Retirement then Finance.]




A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §18-7A-26t, relating to providing a cost-of-living provision for certain persons retired under the teachers retirement system.

Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new section, designated §18-7A-26t
, to read as follows:
ARTICLE 7A. STATE TEACHERS RETIREMENT SYSTEM.

§18-7A-26t. Cost-of-living provision for annuitants at least sixty years of age and retired at least five years.

Beginning the first day of July, two thousand five, all annuitants at least sixty years of age and who have been receiving an annuity from this system for at least five years shall receive a cost-of-living in his or her monthly annuity in an amount equal to the annual increase in the consumer price index as published by the United States Department of Labor, Bureau of Labor Statistics: Provided, That the maximum annual cost-of-living increase may not exceed five percent of the base monthly annuity.



NOTE: The purpose of this bill is to provide a cost-of-living provision for certain persons retired under the teachers retirement system.

This section is new; therefore, strike-throughs and underscoring have been omitted.

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